PBOC sets USD/ CNY reference rate for today at 7.1151 (vs. estimate at 7.1440)

<p data-v-2b84ef95="">The People's Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.</p><ul data-v-2b84ef95=""><li data-v-2b84ef95="">USD/CNY is the onshore yuan. Its permitted to trade plus or minus 2% from this daily reference rate.</li><li data-v-2b84ef95="">CNH is the offshore yuan. USD /CNH has no restrictions on its trading range.</li><li data-v-2b84ef95="">A significantly stronger or weaker rate than expected is typically considered a signal from the PBOC.</li></ul><p data-v-2b84ef95="">The previous close was 7.1485</p><p>The Bank successfully held USD/CNY from gaining much above 7.3+ it was trading at for weeks. And are still sitting on it (ps. the chart not updated for today's trading so far – the market opens soon):</p><p><br></p><figure data-media-><img src="https://images.forexlive.com/images/usdcny%2024%20November%202023%20update%20chart_id_2b011426-0806-4c97-a066-e99981b571d9_size900.jpg" alt="usdcny 24 November 2023 update chart 2" width="841" height="488" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/usdcny%2024%20November%202023%20update%20chart_id_2b011426-0806-4c97-a066-e99981b571d9_size900.jpg" /></figure><p><br></p><p data-v-2b84ef95="">PBOC injects 664bn via 7-day RR, sets rate at an unchanged 1.8%</p><ul data-v-2b84ef95=""><li data-v-2b84ef95="">352bn yuan of RRs mature today</li><li data-v-2b84ef95="">thus a net 312bn yuan injection on the day in Open Market Operations (OMOs)</li></ul><p><br></p>

This article was written by Eamonn Sheridan at www.forexlive.com.